VinaLand Limited Divestment of stake in Project Phu Hoi City (7920V)
November 07 2017 - 9:22AM
UK Regulatory
TIDMVNL
RNS Number : 7920V
VinaLand Limited
07 November 2017
7 November 2017
VinaLand Limited (the "Company" or "VNL")
Divestment of stake in Project Phu Hoi City
Ho Chi Minh City - VinaLand Limited, the AIM-quoted investment
vehicle established to target strategic segments within Vietnam's
emerging real estate market, announces that it has divested its
entire stake in Project Phu Hoi City, located in Dong Nai province,
Vietnam (the "Project"). The Project, acquired by VNL in 2007, is
an 84-hectare parcel of land and has received approval for a future
residential-township development.
VNL has disposed of its entire stake in the Project at a total
valuation 2.0% above the 30 September 2017 unaudited net asset
value and 3.3% above the unaudited net asset value at the time of
VNL's extraordinary meeting in November 2016, both figures include
adjustments for additional investments up to the date of exit. This
transaction has resulted in net proceeds of USD15.8 million which
at the time of this announcement have been received in full.
Speaking on the transaction, Managing Director David Blackhall
stated, "This disposal is in accordance with the current stated
policy to divest projects in a controlled and orderly manner. The
proceeds received from this exit in conjunction with those
collected from past and future disposals will be used to cover
VNL's commitments including operating costs and distributions to
shareholders."
More information on the Company is available at
www.vnl-fund.com.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For enquiries:
Jonathan Viet Luu / Joel Weiden
VinaCapital Investment Management Limited
Investor Relations / Communications
+84 28 3821 9930
jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
This information is provided by RNS
The company news service from the London Stock Exchange
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